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Why bookkeeping often goes out the window when you are working on a major project
Working on a new project can be an exciting time for any contractor – your creative juices are flowing, you are spending loads of time on planning, and you are eagerly looking forward to a big deposit in your bank account.
During all of this commotion it can be very easy to neglect the bones of your business – the day to day tasks and paperwork that keep you above board and on track for a successful fiscal year. Bookkeeping can often be the first thing that contractors begin to slip up on, falsely believing that getting the new project work done to a high standard is more important than keeping track of expenses, receipts and spreadsheets. This is a huge mistake.
Quotidian bookkeeping tasks can feel a little bit tedious, but when done in a timely and regular fashion they are manageable, simple and easy to keep track of – a piece of cake. That said, the minute that you begin to let these tasks slide you enter into a danger zone, running the very serious risk that not only will you lose valuable information but also fall on the wrong side of the law when it comes to tax time.
Don’t let the exhilarating early days of a new project blind you to the reality – you need to stay on top of your bookkeeping.
Struggling? You’re not alone.
Countless business people around the UK are in your same situation, and they turn their accounting matters over to a qualified accountant in order to stay organised. Let an accountant take the daily worries of staying up to date with financial records off of your hands – this will save you money and stress, and most importantly free your mind for your new project.